Purpose – The purpose of this study is to investigate explanations for the behaviour of the size premium using measures of large and small stock holdings of mutual funds. Design/methodology/approach – Returns‐based style analysis is used to measure asset class exposure by regressing equity...

This paper examines the accruals anomaly in an agency context where managers of overvalued firms engage in various activities, including accruals-based earnings management, to sustain overvaluation. We use managerial trading to operationalize the empirical investigation, hypothesizing that...